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Major NFT Indices Stable After NFT Trader Hack
Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were returned to their owners after Yuga Labs' Greg Solano and Boring Security DAO paid a bounty.
Updated Mar 8, 2024, 6:46 p.m. Published Dec 18, 2023, 9:13 a.m. 1 min read
Nansen’s NFT-500 and Blue-Chip-10 indexes were stable after nearly $3 million worth of non-fungible tokens (NFTs) were stolen from trading platform NFT Trader.
The Nansen NFT-500 index is down 0.88% when denominated in ether [ETH], while the Blue Chip 10 index is down 0.51%. Nearly $3 million in NFTs were stolen in the hack, with the attacker demanding a ransom of 120 ETH ($260,000) for their return.
A community effort organized by the decentralized autonomous organization (DAO) Boring Security led to the recovery of nearly all of the stolen collection after Yuga Labs’' Greg Solano contributed to a bounty.
DAOs are organizations that are governed by code instead of leaders. NFTs are crypto assets that grant gamers and collectors ownership over their digital items.
While the hack didn’t cause much fluctuation in the market, Nansen’s NFT-500 index is down 49% year-to-date in ether value, while its Blue Chip 10 index is down 45%.
Meanwhile, ether is up nearly 80% year-to-date.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
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- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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